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"The German economy seems to be successfully countering the downturn in Western Europe"
- Hans-Werner Sinn, Ifo President
German business sentiment improved in December, indicating the largest economy in the European Union remains resilient to regional debt crisis. Ifo business climate index rose to 107.2 points from 106.6 points in November, said the Ifo Institute for Economic Research.
"The German economy seems to be successfully countering the downturn in Western Europe. This bodes well for Christmas," Ifo President Hans-Werner Sinn said in a statement.
"Overall, the odds that Germany can avoid a recession during the coming months have increased, or at least that any decline in the gross domestic product level in late 2011 and early 2012 will remain very limited," said Timo Klein, senior economist at IHS Global Insight.